Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

July 02, 2008 13:13 ET

Golden Valley Mines Ltd.: Annual Meeting Results and Corporate Update

VAL-D'OR, QUEBEC--(Marketwire - July 2, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) announces the results of its Annual Meeting of the Shareholders held on June 26, 2008 at la Cite de l'Or in Val-d'Or, Quebec. At the meeting, shareholders approved all resolutions put before them by management including the election of all director nominees, and the appointment and remuneration of the auditors.

Directors: In addition to electing Joseph Groia as a new director of the Company, shareholders re-elected the following incumbent Board members: Pierre Corbeil, George B. Cross, Blair F. Morton, Glenn J. Mullan, Robert D. Smith and Dr. Jens Zinke. Each shall serve the Company as director until the next annual meeting of the shareholders.

The directors and management take this opportunity to welcome Mr. Joseph Groia to the Company's Board of Directors and look forward to working closely with him, particularly in respect of matters related to corporate governance.

Joseph Groia is a principal at Groia & Company Professional Corporation, a litigation boutique that concentrates its practice on corporate and securities litigation. He practices securities litigation, acting as counsel for clients in a wide range of civil, quasi-criminal, criminal and administrative law securities cases. Mr. Groia received his B.A. and J.D. from the University of Toronto. He was called to the Ontario Bar in 1981. In 1985 he joined the Ontario Securities Commission (OSC) as Associate General Counsel responsible for litigation matters. From October 1987 until March 1990 he was the OSC's Director of Enforcement. He joined Heenan Blaikie in 1990, to practice corporate and securities litigation as a partner until he started Groia & Company on January 1, 2000. Mr.Groia has been ranked as one of Canada's 500 Leading Lawyers in Lexpert Magazine since 2000. His cases have included Asbestos Corp., Atlas Cold Storage, Philip Services, YBM Magnex, the Glamis-Goldcorp arrangement and Canadian Tire. In 2007, Mr. Groia and Pamela Hardie published Canada's first textbook on securities litigation: "Securities Litigation and Enforcement". Mr. Groia's most noteworthy professional accomplishment was his leadership of the team that successfully defended Mr. John Felderhof in the 10 year OSC prosecution of charges arising out of the collapse of Bre-X Minerals Ltd.

Auditors: Raymond Chabot Grant Thornton, LLP were re-appointed as the Company's auditor for the ensuing year, and the directors were authorized to establish their remuneration.

Company Officers: Officers appointed by the newly constituted Board of Directors, are as follows:

Glenn J. Mullan Chairman of the Board, President and
Chief Executive Officer

Annie J. Karahissarian Chief Financial Officer

Luciana Zannella Vice-President, Corporate & Legal Affairs, and
Corporate Secretary

Michael P. Rosatelli Vice-President, Exploration

Sebastien Vezina Assistant Corporate Secretary

Committees of the Board of Directors

The Audit Committee of the Company's Board of Directors is comprised of Messrs. Pierre Corbeil, Blair F. Morton and Robert D. Smith (Chair).

The Board's Compensation and Corporate Governance Committee is comprised of Messrs. Joseph Groia (Chair), Robert D. Smith and Dr. Jens Zinke. The Company strives to ensure that its corporate governance practices and polices are aligned with the best interests of its shareholders. This committee will be mandated with implementing and reviewing the Company's policies with respect to incentive stock options, considering matters related to officer and director compensation, and other corporate governance matters, including the appointment of new directors and succession planning.

The members of the Company's Audit Committee and Compensation and Corporate Governance Committee are considered independent pursuant to applicable securities legislation.

The Board's newly constituted E3 ("Environmental Excellence in Exploration") Committee is comprised of Messrs. Pierre Corbeil (Chair), Blair F. Morton, Glenn J. Mullan and Dr. Jens Zinke and will be mandated with the implementation of, and adherence to, a general policy regarding sustainable development, and environmental responsibility. This is expected to include, but not be limited to, on-site exploration and development activities, but will also apply to contractors and suppliers, and govern certain practices including recycling at its Head and Corporate Offices.

An aggregate of 450,000 stock options at an exercise price of $0.36 have been granted to officers and directors under the Corporation's stock option plan. The stock options will expire on June 27, 2013, and vest quarterly over an 18 month period.

About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of June 27, 2008, the Company holds majority property interests in 136 projects consisting of 4,352 mining titles (257,105 hectares) in Saskatchewan, Ontario and Quebec.

Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release.

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